care cost

smudger1946

Morning All,

Advice please, I own the home my partner and I live in, I have made my will stating that my partner can live in our home until she turns her toes up, after I have gone to heaven maybe! then my family can do as they wish with the home.

My question is if I had to go into an old folks home would we have to sell home to pay for my care and where would my luver stand in this situation?

Smudger

fluffnutter

Off the top of my head, the fact that you want to make her your beneficiary is irrelevant, as you're talking about a scenario prior to your demise. If you're obliged to liquidate assets to pay for your care, then I don't expect it being her home will relieve you of this obligation.

How about putting her on the deeds so that it's a joint asset? Is this possible? You'll probably still need to be mindful of inheritance and capital gains tax and make sure you understand the difference between joint tenants and tenants in common. Give it a google.

Person_one

Getting married/civil partnered would seem like the simplest option here.

Mojisola

smudger1946 wrote: »

Advice please, I own the home my partner and I live in, I have made my will stating that my partner can live in our home until she turns her toes up, after I have gone to heaven maybe! then my family can do as they wish with the home.

My question is if I had to go into an old folks home would we have to sell home to pay for my care and where would my luver stand in this situation?

At the moment, if one of a couple has to go into care, their home is disregarded in the financial assessment.